Singapore’s luxury housing market reached a four-year high in the first half of 2026, even as overall private home sales softened.

According to OrangeTee & Tie Research, 353 landed and non-landed homes in the Core Central Region (CCR) priced at S$5 million or more changed hands during the period. This was 24.7% higher than the preceding six months and 54.8% above the 228 transactions recorded in the first half of 2024.

Demand has been supported by new Singapore citizens and permanent residents, renewed interest in prime homes and a narrower price gap between the CCR and the Rest of Central Region (RCR).

Sales of S$5 Million Homes Rose Sharply in the CCR

Luxury transactions continued to gather pace across Singapore’s prime residential districts in the first half of 2026.

Knight Frank recorded 128 large prime non-landed home transactions with a combined value of S$1.1 billion. Of these, 118 involved apartments measuring at least 2,500 sq ft, with an average price of S$2,689 psf, up 8.3% year on year.

Activity was concentrated across prime Districts 1, 2, 4, 9, 10 and 11, covering areas such as the CBD, Orchard Road, Sentosa, Bukit Timah and Thomson.

The performance of the upper end contrasted with the wider private residential market. Excluding executive condominiums, overall private home sales fell 12% year on year to 10,909 units in the first half of 2026.

New Citizens and PRs Are Supporting Prime Home Demand

Market observers have linked part of the increase in luxury transactions to growing demand from new Singapore citizens and permanent residents.

Some buyers who previously rented have moved into home ownership after securing citizenship or permanent residency. Agents have also reported more enquiries from locally based citizens and PRs seeking Singapore property as a long-term store of capital.

The composition of buyers in the prime segment appears to be shifting, with new citizens and permanent residents playing a larger role alongside foreign buyers. Foreign participation fell after the additional buyer’s stamp duty for overseas purchasers was raised to 60% in April 2023.

Singapore’s political stability, legal framework and reputation as a safe haven continue to support interest among wealthy residents seeking homes in established prime districts.

A Narrower CCR–RCR Price Gap Is Improving the CCR’s Appeal

Prime homes have also become more competitive relative to properties in the RCR.

The median price gap between new non-landed homes in the CCR and RCR narrowed to 10.1% in 2025, down from 21.5% in 2024. This has made the prime segment a more accessible upgrade option for some Singaporean buyers.

URA flash estimates showed that CCR condominium prices rose 2% in 2Q2026. In comparison, prices fell 1.4% in the RCR and slipped 0.2% in the Outside Central Region.

The smaller price difference is encouraging buyers to reconsider prime projects, particularly where the premium for a central location is no longer as wide as it was previously.

Ultra-Luxury Transactions Remain Active

Demand was also evident in the ultra-luxury segment, covering condominiums priced at S$10 million and above.

Some 23 units changed hands in this category during 2Q2026, including six new sales and 17 resale transactions. The total exceeded the 14 units sold in 2Q2025.

New transactions included units at 21 Anderson, Skywaters Residences, 32 Gilstead and Park Nova.

Among the largest prime non-landed deals in the first half of the year was a 6,232 sq ft unit at The Peak on Parson Hill, which sold for S$33.7 million, or S$5,937 psf. Other major transactions included homes at Seven Palms Sentosa Cove and Nassim Park Residences.

Can Singapore’s Luxury Housing Recovery Continue?

The luxury segment remains stronger than the wider private residential market, supported by demand from new citizens, permanent residents and affluent local buyers.

The narrowing gap between CCR and RCR home prices may continue to support demand for prime homes if the trend persists, particularly among buyers considering an upgrade from city-fringe projects.

While broader private home sales have slowed, the first half of 2026 shows that demand for large, well-located homes in Singapore’s prime districts remains active.